H.B. 415 Summary

• Creates a new business linked deposit program allowing credit unions to receive state deposits for lending to eligible small businesses at reduced interest rates (2-3% reduction depending on current borrowing rate).

• Permits credit unions and farm credit system institutions to participate in the agricultural linked deposit program previously limited to banks, expanding access to agricultural lending.

• Limits individual business loans to $400,000 and requires eligible small businesses to have fewer than 150 employees, be Ohio-domiciled, and create or save jobs (one full-time or two part-time per $50,000 borrowed).

• Amends credit union statutes to authorize participation in both business and agricultural linked deposit programs while maintaining existing deposit and investment authorities.

• Modifies linked deposit investment limits to allow up to 12% of the state's total average portfolio across all linked deposit programs combined.